``` REGISTERED CHARITY NUMBER: 328435 ``` ## **`REPORT OF THE TRUSTEES AND`** ``` UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ``` Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021`** |||**`Page`**|| |---|---|---|---| |**`Report of the Trustees`**|`1`|`to`|`3`| |**`Independent Examiner's Report`**||`4`|| |**`Statement of Financial Activities`**||`5`|| |**`Balance Sheet`**||`6`|| |**`Notes to the Financial Statements`**|`7`|`to`|`11`| ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`** ``` Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2021. The trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and Republic of Ireland (FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` The Schapira Charitable Trust was created by a deed dated 17 November 1989 between Isaac Yehuda Schapira (the settlor) and Martin David Paisner, Henry Frydenson and Isaac Yehuda Schapira (the Trustees). ``` ``` The Trust has been registered as a charity with the Charity Commission (registration number 328435). ``` ``` The Trustees have power to raise the whole or any part or parts of the capital of the Trust fund and pay, distribute or apply the same for such charitable purposes in the United Kingdom in such shares as the Trustees shall in their absolute discretion determine. ``` ``` The Trust aims to award grants to support religious institutions of the Jewish Faith as well as other institutions from the fields of Health and Education generally. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. ``` ## **`Public benefit`** ``` The Trustees have given due consideration to the Charity Commission’s published guidance on public benefit and confirm that the Charity is a public benefit entity under FRS SORP 102. ``` ## **`Grantmaking`** ``` The Trustees to date have had a policy of supporting religious institutions of the Jewish faith and continue to do so. However, the Trustees do receive applications from a wider source and will favourably consider applications from the fields of Health and Education generally. ``` ## **`FINANCIAL REVIEW`** ## **`Financial review`** ``` TheTrustearnednetinvestmentincomeduringtheyeartotalling£57,491(2020:£75,726).TheTrusthasmade charitable donationsduringtheyearamountingto£nil(2020:£456,260)toreligiousinstitutionsoftheJewishfaithand organisations from the fields of Health and Education. ``` ``` Although the Trustees intend to hold a diversified investment portfolio in the future, with a view to maintaining the capital value of the investment portfolio and paying out the net incoming resources for the year by way of grants and donations payable in accordance with the aims of the Trust, given the state of the economy the Trustees have decided it more prudent in the interim to hold funds on cash deposit excluding the loan debtor. At the date of approval of these accounts the Trustees continue to seek advice on the strategy to be pursued in the future, to build upon their extremely successful activities in the past. ``` ## **`Reserves policy`** ``` The Accumulation Period as set out in the Trust Deed whereby the Trustees were allowed to accumulate all or any part of the income of the Trust fund came to an end on 17 November 2010. ``` ``` The Trustees have however held their reserves on the basis that the charity's incoming resources each year are spent in that year with a small amount of capital being used to meet the level of grants agreed by the Trustees for that year. The Trustees continue to follow this policy to ensure longevity in the Trust's objective and commitment in their charitable aims. ``` ``` The expendable endowment fund on 31 December 2021 is £1,874,519 (2020 :£1,822,955). ``` ``` The Trust will continue to use donations received to make grants and donations in accordance with its objectives and also will continue to apply cash generated from investment income for the charitable purposes. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ``` ``` Page 1 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`** ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Organisational structure`** ``` Trustees are appointed by the Settlor. Once appointed, any necessary training for trustees are identified by the trustees and appropriate training is organised. The Trustees meet as necessary to discuss and agree grant applications, to monitor the investment performance and deal with the administration matters of the Trust. ``` ``` Trustees during the year were: ``` ``` I Y Schapira S L Schapira A Friedlander ``` ## **`Risk management`** ``` The Trustees are responsible for the management and control of the Trust and are therefore included in key aspects of the risk management process, particularly in setting parameters of the process, review and consideration of results. The Trustees identify, consider and monitor the evaluation of risks from both internal and external factors at the Trustee meetings. The Trustees consider the control systems in place to manage risks to be adequate. ``` ``` The Trustees have continued to examine the major strategic, business and operation risks which the charity faces and consider there are limited risks. This is because the charity's current investment policy is to invest in assets which the Trustees believe have low risk. The low risk approach continues to enable the Trust to award grants in accordance with its charitable objectives. ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number`** ``` 328435 ``` ## **`Principal address`** ``` 2 Dancastle Court 14 Arcadia Avenue London N3 2JU ``` ## **`Trustees`** ``` Mr I Y Schapira Mrs S L Schapira Mr A Friedlander ``` ## **`Independent Examiner`** ``` Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ## **`Solicitors`** ``` Maurice Turnor Gardner LLP 15th Floor Milton House Milton Street London EC2Y 9BH ``` ## **`Bankers`** ``` Coutts & Co 440 Strand London WC2R 0QS ``` ``` Page 2 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`** ``` Approved by order of the board of trustees on 18 September 2022 and signed on its behalf by: ``` ``` Mr I Y Schapira - Trustee ``` ``` Page 3 ``` ``` INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`Independent examiner's report to the trustees of The Schapira Charitable Trust`** ``` IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheSchapiraCharitableTrust(theTrust)forthe year ended 31 December 2021. ``` ## **`Responsibilities and basis of report`** ``` AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the requirements of the Charities Act 2011 ('the Act'). ``` ``` IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarryingout my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ``` ## **`Independent examiner's statement`** ``` Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith the examination giving me cause to believe that in any material respect: ``` `1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or` `2. the accounts do not accord with those records; or` `3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.` ``` Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattentionshould be drawn in this report in order to enable a proper understanding of the accounts to be reached. ``` ``` Aryeh Melinek, FCA Institute of Chartered Accountants England and Wales Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ``` 19 September 2022 ``` ``` Page 4 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021`** |`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
`Investment income`
`3`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
`4`
**`Charitable activities`**
`Charitable activities`
`Other`
`7`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
`12`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
**`TOTAL FUNDS CARRIED FORWARD`**|`Unrestricted`
`fund`
`£`
**`-`**
**`57,491`**
**`57,491`**
**`485`**
**`-`**
**`5,442`**
**`5,927`**
**`51,564`**
**`(51,564)`**
**`-`**
**`-`**
**`-`**|`Endowment`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`51,564`**
**`51,564`**
**`1,822,955`**
**`1,874,519`**|**`2021`**
**`Total`**
**`funds`**
**`£`**
**`-`**
**`57,491`**
**`57,491`**
**`485`**
**`-`**
**`5,442`**
**`5,927`**
**`51,564`**
**`-`**
**`51,564`**
**`1,822,955`**
**`1,874,519`**|`2020`
`Total`
`funds`
`£`
`187,000`
`75,726`
`262,726`
`617`
`456,260`
`67,916`
`524,793`
`(262,067)`
`-`
`(262,067)`
`2,085,022`
`1,822,955`| |---|---|---|---|---| ``` The notes form part of these financial statements ``` ``` Page 5 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`BALANCE SHEET 31 DECEMBER 2021`** |`Notes`
**`CURRENT ASSETS`**
`Debtors`
`10`
`Cash at bank`
**`CREDITORS`**
`Amounts falling due within one year`
`11`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`NET ASSETS`**
**`FUNDS`**
`12`
`Endowment funds`
**`TOTAL FUNDS`**|`Unrestricted`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**
**`-`**|`Endowment`
`fund`
`£`
**`-`**
**`2,072,318`**
**`2,072,318`**
**`(197,799)`**
**`1,874,519`**
**`1,874,519`**
**`1,874,519`**|**`2021`**
**`Total`**
**`funds`**
**`£`**
**`-`**
**`2,072,318`**
**`2,072,318`**
**`(197,799)`**
**`1,874,519`**
**`1,874,519`**
**`1,874,519`**
**`1,874,519`**
**`1,874,519`**|`2020`
`Total`
`funds`
`£`
`1,817,085`
`14,870`
`1,831,955`
`(9,000)`
`1,822,955`
`1,822,955`
`1,822,955`
`1,822,955`
`1,822,955`| |---|---|---|---|---| ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon18September2022and were signed on its behalf by: ``` ``` Mr I Y Schapira - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 6 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021`** ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` ThefinancialstatementshavebeenpreparedinaccordancewiththeStatementofRecommended Practice: AccountingandReportingbyCharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard applicableintheUKandRepublicofIreland(FRS102)issuedon16July2014andtheFinancialReporting Standard applicableintheUnitedKingdomandRepublicofIreland(FRS102)andtheCharitiesAct2011andUK Generally Accepted Practice as it applies from 1 January 2015. ``` ``` Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedepartedfromthe Charities (AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea'trueandfairview'.This departure hasinvolvedfollowingAccountingandReportingbyCharitiespreparingtheiraccountsinaccordancewith the FinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)issuedon16July2014 rather thantheAccountingandReportingbyCharities:StatementofRecommendedPracticeeffectivefrom1April 2005 which has since been withdrawn. ``` ## **`Income`** ``` AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthe charity tothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandthe amount oftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeen classified underheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ``` ``` Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitment but not accrued as expenditure. ``` ## **`Taxation`** ``` The entity is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ``` ``` No tax charge arose in the period. ``` ## **`Fund accounting`** ``` Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ``` ``` Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ``` ## **`2. DONATIONS AND LEGACIES`** |**`DONATIONS AND LEGACIES`**|||| |---|---|---|---| ||**`2021`**||`2020`| ||**`£`**||`£`| |`Donations`||**`-`**|`187,000`| ``` continued... ``` ``` Page 7 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`** ## **`3. INVESTMENT INCOME`** |**`INVESTMENT INCOME`**||||| |---|---|---|---|---| |||**`2021`**||`2020`| |||**`£`**||`£`| |`Deposit account interest`||**`18`**||`10`| |`Loan interest receivable`||**`57,473`**||`75,716`| |||**`57,491`**||`75,726`| |**`RAISING FUNDS`**||||| |**`Investment management costs`**||||| |||**`2021`**||`2020`| |||**`£`**||`£`| |`Support costs`||**`485`**||`617`| |**`GRANTS PAYABLE`**||||| |||**`2021`**||`2020`| |||**`£`**||`£`| |`Charitable activities`|||**`-`**|`456,260`| |`The total grants paid to institutions during the year was as follows:`||||| |||**`2021`**||`2020`| |||**`£`**||`£`| |`British Friends of Chazon Ish Institution`|||**`-`**|`18,000`| |`British Friends of the Rabbi Meir Baal Haness (KSH)`|||**`-`**|`242,000`| |`Chevras Mo'oz Ladol`|||**`-`**|`18,760`| |`Mercaz Hatorah Vechesed Limited`|||**`-`**|`70,000`| |`Slabodka Yeshiva Trust`|||**`-`**|`14,000`| |`Friends of Gur Foundation`|||**`-`**|`93,000`| |`Other donations (<£5,000 in aggregate for each)`|||**`-`**|`500`| ||||**`-`**|`456,260`| |**`SUPPORT COSTS`**||||| |||`Governance`||| ||`Finance`|`costs`||`Totals`| ||`£`|`£`||`£`| |`Investment management costs`|**`485`**||**`-`**|**`485`**| |`Other resources expended`|**`-`**|**`5,442`**||**`5,442`**| ||**`485`**|**`5,442`**||**`5,927`**| |**`OTHER`**||||| |||**`2021`**||`2020`| |||**`£`**||`£`| |`Support costs`||**`5,442`**||`67,916`| ## **`4.`** ## **`5.`** ## **`6. SUPPORT COSTS`** ## **`7.`** ``` Other resources expended include £2,400 (2020: £2,400) fees payable to the Independent examiner. ``` ``` continued... ``` ``` Page 8 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`** ## **`8. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2021norforthe year ended 31 December 2020. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31December2021norfortheyear ended 31 December 2020. ``` ## **`9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`** |**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`Investment income`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
**`Charitable activities`**
`Charitable activities`
`Other`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`10.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Other debtors`|`Unrestricted`
`fund`
`£`
`187,000`
`75,726`
`262,726`
`617`
`456,260`
`67,916`
`524,793`
`(262,067)`
`262,067`
`-`
`-`
`-`|`Endowment`
`fund`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`(262,067)`
`(262,067)`
`2,085,022`
`1,822,955`
**`2021`**
**`£`**
**`-`**|`Total`
`funds`
`£`
`187,000`
`75,726`
`262,726`
`617`
`456,260`
`67,916`
`524,793`
`(262,067)`
`-`
`(262,067)`
`2,085,022`
`1,822,955`
`2020`
`£`
`1,817,085`| |---|---|---|---| ``` continued... ``` ``` Page 9 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`** ## **`11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |`Trade creditors`
`Other creditors`
**`12.`**
**`MOVEMENT IN FUNDS`**
**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Endowment`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are`
**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**
**`Comparatives for movement in funds`**
**`Unrestricted funds`**
`General fund`
**`Endowment funds`**
`Endowment`
**`TOTAL FUNDS`**||`At 1.1.21`
`£`
**`-`**
**`1,822,955`**
**`1,822,955`**
`s follows:`
`At 1.1.20`
`£`
`-`
`2,085,022`
`2,085,022`|||`Net`
`movement`
`in funds`
`£`
**`51,564`**
**`-`**
**`51,564`**
`Incoming`
`resources`
`£`
**`57,491`**
**`57,491`**
`Net`
`movement`
`in funds`
`£`
`(262,067)`
`-`
`(262,067)`|||**`2021`**
**`£`**
**`2,400`**
**`195,399`**
**`197,799`**
`Transfers`
`between`
`funds`
`£`
**`(51,564)`**
**`51,564`**
**`-`**
`Resources`
`expended`
`£`
**`(5,927)`**
**`(5,927)`**
`Transfers`
`between`
`funds`
`£`
`262,067`
`(262,067)`
`-`||`2020`
`£`
`-`
`9,000`
`9,000`
`At`
`31.12.21`
`£`
**`-`**
**`1,874,519`**|`2020`
`£`
`-`
`9,000`| |---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||`9,000`| ||||||||||||| |||||||||||**`1,874,519`**|| ||`a`|||||||||`Movement`
`in funds`
`£`
**`51,564`**
**`51,564`**
`At`
`31.12.20`
`£`
`-`
`1,822,955`|| |||||||||||`1,822,955`|| ``` continued... ``` ``` Page 10 ``` ``` THE SCHAPIRA CHARITABLE TRUST ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`** ## **`12. MOVEMENT IN FUNDS - continued`** ``` Comparative net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`262,726`
`262,726`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(524,793)`
`(262,067)`
`(524,793)`
`(262,067)`| |---|---|---| ## **`13. RELATED PARTY DISCLOSURES`** ``` Trustees receive no remuneration (2020 - £Nil) and were not reimbursed for any of their expenses in the year (2020 - £Nil). ``` ``` Duringtheyear,thecharityreceived£2,064,515fromacompanywhichthetrusteeMrIsaacSchapirais a director.Thepaymentwastorepayaloanwithinterestat12%.Therepaymentreceivedwasmorethanthe loan withaccruedinterest,soresultedinacreditorof£192,999disclosedinthebalancesheetin"othercreditors" falling due within one year. ``` ``` Page 11 ```